Prices of seed cotton in Sindh and Balochistan were at Rs 3000-3500 and in Punjab seed cotton prices at Rs 3000-3600, they said.
Market sources said that leading mills were busy in importing of fine quality at the cheaper rates.
Whereas, the ginners were facing a kind of uncertainty due to unsold stock of 15 lakh bales of cotton with them.
Besides, demand for cotton yarn is not improving, which is not an encouraging factor for the cotton traders. Next cotton sowing season will start after three or four months, cotton analyst Naseem Usman said.
Report showing that India's cotton imports are likely to jump 80 percent from a year ago as production could fall to the lowest level in nine years due to low rainfall in key growing region, a senior industry official told Reuters on Thursday.
Higher imports by the world's biggest cotton producer could support global prices, trading near their lowest in more than a year. The drop in Indian supplies could help rivals such as the United States, Brazil and Australia increase cargoes to key Asian buyers such as China, Bangladesh and Pakistan.
"The production is not sufficient to fulfil local consumption. From March onwards imports will pick up," said Atul Ganatra, president of the Cotton Association of India (CAI).
Adds Reuters: ICE cotton futures fell on Thursday to touch their lowest level in three weeks on renewed worries about any near-term resolution of US-China trade tensions.
The trade dispute between top exporter US and biggest consumer China, largely led to cotton's first yearly decline in four years in 2018.
The USDA, which has been hit by the partial shutdown of the US government, is expected to release its monthly crop supply/demand report on February 8.
The following deals reported: 2600 bales of cotton from Rahim Yar Khan at Rs 8850, 1000 bales from Ahmedpur East at Rs 8600, 400 bales from Fort Abbas at Rs 8300, 500 bales from Chichawatni at Rs 8100, 200 bales from Hasilpur at Rs 7775, 800 bales from Maroot at Rs 8000 and 400 bales from Moongi Bangla at Rs 7700, they said.
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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 07-02-2019
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37.324 kg 8,600 160 8,760 8,760 NIL
Equivalent
40 kgs 9,217 171 9,388 9,388 NIL
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